Last Year $5,563,200 3,510,000 2,053,200 Comparative Income Statement This Year Sales $7,320,000 Cost of goods sold 1,630,000 Gross margin 2,690,000 Selling and administrative expenses Selling expenses 1,397,000 Administrative expenses 710.000 Total expenses 2,107,000 Net operating income 583,000 Interest expense 100,000 Not income before taxes $ 483,000 2:11 1,077,000 612,500 1,689,500 363,700 90,000 $ 273,700 Members of the company's board of directors are surprised to see that net income increased by only $209,300 when sales increased by $1,756,800 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (ie.. 0.1234 should be entered as 12.3).) This Year % Last Year % % 0.01% % 00% ces Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Not income before taxes % % % % 0.01% 0.01% 0.0% 0.0% % 00% 16 0.01